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Author Topic: Holy Shit! Bitcoin is tanking!  (Read 1711 times)
belcat
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April 12, 2013, 03:25:16 AM
 #21

You don't actually LOSE money until you cash out.  So if you bough for more than it's worth, it might be better to just hang onto it.  This isn't the first ride Bitcoin takes you know...
I mined my first 4 bitcoins some 1.5 years ago, when it ramped up to 150 or so then tanked down to 7.  I stopped mining or looking at it at that point, then a week ago I decided to take a look... what luck, it was at $140, so I sold two of them.  Then for the heck of it, I set one at $250... wow it sold too.  So I am kinda happy right now Wink
But my point stands - you don't lose until you sell, so keep 'em around if you're going to lose crazy cash on it.
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cryptofunz
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April 12, 2013, 03:39:41 AM
 #22

Its not bitcoin tanking.. its fiat that is! just kidding ...

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Mike Christ
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April 12, 2013, 03:40:09 AM
 #23

Its not bitcoin tanking.. its fiat that is! just kidding ...

Ha haaa...

No but seriously.

redbos
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April 12, 2013, 04:35:00 AM
 #24

any suggestions on the best places to buy and trade? mtgox seems pretty crappy

xrp: rNBtdNtTnsd8hFXxRP27YiAkxvhjQoWyFS
btc: 1MBUZc1KeRgrNguTuFx8DicwFMrbaHiMD1
Mike Christ
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April 12, 2013, 04:36:34 AM
 #25

any suggestions on the best places to buy and trade? mtgox seems pretty crappy

vircurex, bitstamp, btc-e, are the ones off the top of my head.  Not sure if they're good or not, but they're not Gox.

Then of course, you can always trade locally.

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April 12, 2013, 04:36:42 AM
 #26

btc-e
crisuch
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April 12, 2013, 04:42:12 AM
 #27

It's only an adjust for exponential rally in previous days.... but it will go up slowly.
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April 12, 2013, 04:43:23 AM
 #28

What I'm trying to understand is people complaining about the worth of bitcoin going down. Why people didnt do the same thing when it was going up?
Mike Christ
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April 12, 2013, 04:46:44 AM
 #29

What I'm trying to understand is people complaining about the worth of bitcoin going down. Why people didnt do the same thing when it was going up?


They did.  Anyone who wanted to buy more (the bears) was saying something like, "The price is too high, I don't want to buy into it.  The price should tank so I can get some more at a low price."

Then BAM here it comes.

So then anyone who was satisfied with the amount of coins they had and wanted the price to higher (the bulls) was all like, "Dude what the eff, this is bull(shit)."

ToBeContinuous
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April 12, 2013, 04:49:43 AM
 #30

What I'm trying to understand is people complaining about the worth of bitcoin going down. Why people didnt do the same thing when it was going up?


They did.  Anyone who wanted to buy more (the bears) was saying something like, "The price is too high, I don't want to buy into it.  The price should tank so I can get some more at a low price."

Then BAM here it comes.

So then anyone who was satisfied with the amount of coins they had and wanted the price to higher (the bulls) was all like, "Dude what the eff, this is bull(shit)."

Suffering is a part of life, simpler explanation.

Gnosticism =  1CLKpfJpiCZFeMhZ1zmRqAXMoxHtLtw2tQ
GiLa
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April 12, 2013, 04:50:24 AM
 #31

fair enough
acro1
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April 12, 2013, 04:52:33 AM
 #32

Everyone relax!!! We knew this would happen. MtGox is under a massive Ddos. There are powers higher up who do not like the idea of a decentralized currency and will commit a number of attacks and manipulations to kill bitcoin, but they can't!!!! Not if everyone relaxes and understands how it works. YES, there will be a crash (which we saw yesterday) and it may continue, but I am certain the price will rise again!!

Bitcoin will be under attack for a long time to come and if everyone panics and does what the powers that be want us too (panic, sell and get out of the market forever because were scared) then their plan will work. But I know too many people who will not let this happen.

Do not sell right now!!! Keep mining and holding your coin, if it falls hard, buy!!!

They can try to stop the currency and manipulate it but bitcoin will be around another 100 years my friends!!!!!
sp4cem0nkey
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April 12, 2013, 04:53:51 AM
 #33

I'm hoping it goes down more in the next week so I can buy some more.
Wish I hadn't sold my last coin for $100 the other day.
zloolio
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April 12, 2013, 05:04:02 AM
 #34

The bubble has burst! It was bound to happen at some point. Now we all just have to wait until they bounce back up eventually.
hlynur
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April 12, 2013, 05:10:54 AM
 #35

Everyone relax!!! We knew this would happen. MtGox is under a massive Ddos. There are powers higher up who do not like the idea of a decentralized currency and will commit a number of attacks and manipulations to kill bitcoin, but they can't!!!! Not if everyone relaxes and understands how it works. YES, there will be a crash (which we saw yesterday) and it may continue, but I am certain the price will rise again!!

Bitcoin will be under attack for a long time to come and if everyone panics and does what the powers that be want us too (panic, sell and get out of the market forever because were scared) then their plan will work. But I know too many people who will not let this happen.

Do not sell right now!!! Keep mining and holding your coin, if it falls hard, buy!!!

They can try to stop the currency and manipulate it but bitcoin will be around another 100 years my friends!!!!!

+1

imo the only way these powers can destroy this idea is to buy more than 51% the bitcoins on the market and keep doing the stuff we experience right now at mt. gox for the next decade.
besides i kinda see ripple as a try to lure people away from bitcoin.
one power in control of all currency at the beginning, and there exist 100 billions, so now and then more ripples can be pushed into the market for stabilisation (sounds like fiat to me)

the whole rollercoaster ride will smooth down exponentially with the time.

Let's think in months years decades, but not in hours and days (besides second chart in this thread is measured in 10min-steps...doesn't represent anything)

NY11giants
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April 12, 2013, 05:11:07 AM
 #36

meh....

The question for btc isnt the value of the coin, itll all shake out.  The questio is do YOU believe in it as a viable idea?

The way I see it, BTC is the Cayman Islands for the Joe Blow middle america guy.  I can take payments, send payments anywhere in the world instantly and have it off the grid, free from tax... yeah, just call me Bit Romney.
hlynur
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April 12, 2013, 05:12:46 AM
 #37

...and when mt. gox is open again, just listen to this:
http://www.youtube.com/watch?v=NG1qooBzE2w

acro1
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April 12, 2013, 05:16:48 AM
 #38

...and when mt. gox is open again, just listen to this:
http://www.youtube.com/watch?v=NG1qooBzE2w

That was great
DUId1
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April 12, 2013, 05:17:47 AM
 #39

Quite expected.
hlynur
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April 12, 2013, 05:45:50 AM
 #40

every newbie to bitcoin has to realize that we take part in an experiment whose outcome lays in the future 5 to 10 years.
it's not about the quick buck.
I watched the whole thing just for about two months before i decided to take a ride.
and got burned heavily in the last to days (ran right into the constructed bulltrap after the big crash at 260$, buying at 160$)
but as long as its just some of my money that was lying around, doing nothing but loosing value over the time (I'm in €-land)
I couldn't care less.
the problem at the moment is the centralisation of bitcoin with mt. gox trading more than half of the supply, so every other exchange is running behind them like little ducklings.
but that problem is regulating itself already with people moving more to the other exchanges.
in this way it's more difficult for the big players to disturb the whole market with their pumping and dumping style.
i think decentralisation will relax this whole thing and the ride is getting smoother and more stable.


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